Latest update March 13th, 2026 12:35 AM
Best time to be in gold mining is now – Bharrat tells small miners
…says Govt. will continue incentivising sector
(Kaieteur News) – Minister of Natural Resources Vickram Bharrat on Friday told miners in Puruni, Region Seven that conditions have aligned to make this “one of the best times” to be involved in gold mining, pointing to high gold prices and a slate of other incentives outlined in Budget 2026.
Speaking during a meeting with miners, Minister Bharrat said the government remains committed to supporting the sector, which he noted plays a critical role in national development. “And this is in keeping with our commitment that we will continue to incentivise the mining sector in our country, because mining is important. Mining contributes significantly to the development of our country and you have a government, and you have a president that supports the mining sector,” the minister stated.
Minister of Natural Resources, Vickram Bharrat
Bharrat underscored the government’s decision to maintain a zero percent excise tax on petroleum products, noting that fuel remains a major input cost across all productive sectors, including mining.
“What is significant to note, my brothers and sisters, is that this country, our country, is one of the few countries in the world that there is no tax on fuel. Absolutely no tax on fuel… Our president and our government have decided that we are not going to place any tax on fuel so that our people can enjoy the benefit of tax-free fuel,” he said.
Bharrat added that with gold prices recently exceeding US$5,000 per ounce and fuel prices at historic lows, miners are positioned to benefit throughout 2026. “Now is probably one of the best times to be in the mining industry, mainly because the gold price today is over US $4900 an ounce, a few days ago, it was over US$5,000 per ounce, while at the same time, fuel price is at an all-time low…while we hope that the gold price will remain very stable. So, it is a very good time to be in mining,” the minister said.
In addition to maintaining a zero percent excise tax, this year’s budget outlines the government’s plan to remove duties and taxes on All-Terrain Vehicle (ATVs), tax relief on outboard engines, and reduction in taxes on double-cab pickups.
Minister Bharrat also addressed recent enforcement activities in the sector, stressing that they are intended to improve compliance rather than force miners out of operations. He also encouraged environmentally responsible and lawful mining practices.
“It is designed to help you to become compliant. It is designed to ensure that the operation is legal. It is designed to ensure that when you make your gold, you sell it to the Guyana Gold Board,” he noted.
Moreover, the minister noted that miners should look at other ways to improve their recovery rate, other than using mercury.
He urged, “this is something that you should really work on, because with the reduction of mercury in our mining sector, it’s to protect the environment, to protect your health and your recovery rate increases, especially at a time when gold price is so high, I want to encourage you to look at different technologies of extracting your gold or doing your wash down, as you would commonly call it, so that we can increase your recovery rate and your venture will become far more profitable.”
Minister Bharrat stressed that government wants to work with miners to ensure that their operation is fully legal and that the gold produced is sold to the GCB or legitimate buyer.
This publication had reported that after years of decline, Guyana’s gold sector recorded a nominal increase in 2024, with declarations rising by 1,954 ounces from 432,113 ounces in 2023 to 434,067 ounces. In 2025, declarations rose by 50,254 ounces to reach 484,321 ounces. Last year, declarations from licensed gold dealers declined by 21.5 percent in 2025 to 121,883 ounces.
However, declarations from the country’s lone large-scale producer, Zijin Mining Group Co. Ltd, operating through its subsidiary Aurora Gold Mine (AGM), increased by 15.5 percent to 167,005 ounces and declarations to the Guyana Gold Board also rose by 45.6 percent to 195,432 ounces. For 2026, the government has projecting declarations of 510,450 ounces as mining activity accelerates across all operator categories.
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